Issue 325 - 27th February
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News Analysis
- Structured Finance
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Uploading answers
Originators get to grips with ED requirements, liabilities
The ECB deadline for submitting loan-level deal data to the European DataWarehouse is the end of March. However, concerns about the legal implications of uploading such data have held some originators back. The ED has to maintain a level playing-fi...
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- Structured Finance
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Market Reports
- ABS
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Auto paper doing the rounds
A number of auto names were circulating in the US ABS secondary market yesterday. Some of these name...
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- CLOs
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CLO pricing disparity emerges
The number of CDO bid-lists circulating in secondary reached double figures yesterday and even more are expected to hit the market today. However, about half of the names showing in SCI's PriceABS data for the session did not trade, implying that som...
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- CMBS
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Mid-week blip barely dents CMBS
Thursday was an interesting session for secondary US CMBS. Several recent-vintage tranches attracted covers, while talk around AJ tranches out for the bid shows the extent of tightening seen over the last couple of months. The CMBS sector was only...
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- RMBS
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Subprime sets pace for busy session
Non-agency US RMBS supply shot up yesterday to around US$1.86bn, boosted by a large amount of subprime paper. SCI's PriceABS data shows activity from yesterday's session across all of the RMBS sub-sectors, with paper from as far back as 2002 appearin...
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Liquidation list lifts US RMBS
Wednesday saw secondary supply shoot up, with SCI's PriceABS data displaying three times as many RMBS line items as for the previous session. Non-agency US RMBS was particularly active, with increased volume across the fixed, hybrid and subprime sect...
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- ABS
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News
- Structured Finance
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SCI Start the Week - 25 February
A look at the major activity in structured finance over the past seven days
PipelineMany deals joined the pipeline last week, with a good number remaining even after several priced before Friday's end. The largest addition was US$1.28bn JPMCC 2013-C10, which was joined by two other CMBS in the shape of US$1.49bn COMM 2013-CC...
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- Structured Finance
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Job Swaps
- Structured Finance
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Senior reshuffle for investment manager
ING Investment Management has promoted Hans Stoter to cio. He succeeds Mark Weber, who has returned...
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SEC alleges New Stream fund fraud
The US SEC has charged New Stream Capital and two of its former hedge fund managers with lying to in...
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- CDS
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Pricing service adds Fitch CDS data
Interactive Data has added Fitch Solutions' CDS consensus pricing as an additional input to its CDS...
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- CMBS
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CMBS strategy head moves on
Richard Parkus has joined Seer Capital Management as md and trader for its CMBS team. He will report...
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- Insurance-linked securities
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New home for Bermuda-based ILS pro
Jerome Faure, who recently announced his departure from ILS Capital Management (SCI 20 February 2013...
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- RMBS
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ClearPoint off-loaded
Gleacher & Company has sold substantially all of the assets of its ClearPoint subsidiary to...
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- Structured Finance
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News Round-up
- ABS
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Seasonal factors drive auto losses
Prime and subprime US auto ABS losses have risen in recent months, according to Fitch's latest index...
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RV securitisation tipped for growth
As Americans increasingly purchase recreational vehicles (RVs) and leisure boats, S&P believ...
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- Structured Finance
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TR fees consultation underway
ESMA has launched a shortened consultation in connection with formulating regulation on fees for tra...
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Servicers adapt to market deterioration
The slow-down of the European structured finance market has not coincided with a corresponding contr...
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Top arrangers decided
The rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets ha...
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- CDO
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Trups CDO defaults decrease further
Combined defaults and deferrals for US bank Trups CDOs decreased further to 29.7% at the end of Janu...
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ABS CDO auction due
An auction is to be held for Capital Guardian ABS CDO I on 18 March. The collateral includes small b...
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- CDS
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Differentiated basis trades touted
A meaningful move in the CDS basis has occurred over the last few months, with cash underperforming...
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Compliance schedule released for iTraxx swaps
The CFTC has released a revised compliance schedule for clearing of iTraxx CDS indices. Category 1 a...
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Electronic trading platform enhanced
Tradeweb Markets has enhanced its electronic iTraxx credit default swap index platform in Europe, en...
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Absolute return fund prepped
ECM Asset Management has launched its Absolute Return Credit Fund (ARC), with the aim of gaining exp...
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- CMBS
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German MF CMBS under 'less pressure'
The announcement of a second large loan refinancing in the German multifamily CMBS sector this year...
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CMBS credit recovery intact?
The US CMBS delinquent amount ended 2012 at US$42.57bn, about 5% lower than where it began the year,...
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Mixed outlook for gaming CMBS
CMBS first appeared in the major US gaming markets in 1998, with the securitisation of the Showboat...
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EMEA special servicing activity examined
Twelve EMEA CMBS loans were added and four were removed from special servicing following work-outs i...
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BRUNT 2007-1 restructuring agreed
Noteholders last week agreed to the amendments to Bruntwood Alpha, as proposed by the borrower (SCI...
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Improving CRE fundamentals highlighted
All of the commercial real estate sectors continued to grow in 4Q12, despite a softened economy and...
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Range of special servicers broadening
Increased issuance volume is bringing several new B-piece buyers to the US CMBS market. But Fitch no...
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CMBS losses moving up the capital stack?
The composition of US CMBS loan liquidations appears to be shifting. Over the past three years, less...
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- RMBS
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Mortgage settlement progress report released
US mortgage servicers have distributed US$45.83bn in direct relief to over 550,000 homeowners &#...
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RMBS ratings approach explained
US RMBS with weak structural frameworks are unlikely to receive a Aaa rating from Moody's, even if t...
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RMBS rep and warranty warning
Recent rep and warranty proposals in new US RMBS deals may expose investors to added risks from weak...
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- ABS
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